March 16th marked a significant milestone for Base as it reached over 1 million active addresses, securing its position as the top Ethereum Layer 2 solution. This achievement underscores the platform’s growing prominence within the Ethereum ecosystem.
The recent Ethereum EIP-4844 upgrade played a crucial role in enhancing Layer 2 transactions, resulting in a substantial reduction in transaction costs. Both Arb and Base experienced a remarkable 80-90% reduction in fees, making transactions more affordable and accessible to users.
About 60% Reduction In Fees Recorded
Following the Dencun upgrade, daily transactions on Coinbase Ethereum L2 network Base surged to an impressive 2 million, marking a substantial increase from the previous figure of around 440,000 transactions per day.
This surge in transaction volume can be attributed to the significant reduction in fees, which plummeted by 60%.
With its growing transaction volume and enhanced affordability, Base has emerged as the 6th largest L2 network, boasting a Total Value Locked (TVL) of $1.46 billion.
This significant milestone positions Base as a key player in the Ethereum Layer 2 landscape, offering users a scalable and efficient alternative to traditional Ethereum transactions.
Layer 2 scaling solutions like Base play a vital role in addressing the scalability challenges faced by the Ethereum network as it continues to evolve.
As Base ascends to the forefront of Ethereum Layer 2 solutions, it presents an exciting opportunity for the platform to lead Ethereum into its next phase of development. By prioritizing efficiency and scalability, Base exemplifies the future of decentralized finance, offering users a glimpse into a world where seamless transactions and enhanced scalability are paramount.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.